The consumer price index, which measures the cost of a broad basket of goods, rose 0.8% month-on-month and 6.8% year-on-year, the fastest rate since June 1982.
Excluding food and energy prices, core CPI rose 0.5% for the month and 4.9% from a year ago, which itself was the largest since mid-1991.
The Dow Jones estimate of annual inflation was 6.7% for the core CPI and 4.9% for the core.
With jobless claims still at their lowest pace since 1969 and GDP expected to show solid gains through the end of 2021 after a lackluster third quarter, inflation remains the biggest problem for recovery.
The Federal Reserve is watching the data closely ahead of its two-day meeting next week.
Fed officials have indicated that they will begin to slow down the assistance they provide in an attempt to curb inflation.
Investors are widely expecting the Fed to double down on its asset purchases to $30 billion per month, likely to begin in January.
This should enable the Federal Reserve to start raising interest rates next spring.
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